Skip to main content
Open Hunch It
TTD · Software & SaaS · Communication Services

The Trade Desk, Inc.

$15.47−3.2%Close 11/12
Compare TTD with another stock
Growing?
Flat: revenue about the same as a year earlier (quarter ended Sep 2026); earnings per share down 22% over the last four quarters.
Expensive?
Cheaper than usual: 22.8× trailing earnings; its five-year median is 205×. Priced 72% below the peer median of 81.3x.
Analysts?
14% of 36 say buy; average 12-month target $13.57, 12% below today's price.
Risky?
Much swingier than most large companies: its price swung 59% over the past year (the S&P 500's 14%), and it fell as much as 91% since Nov 2021.
Market cap$7.3B
Revenue (TTM)$3.0B
Net income (TTM)$329M
P/E (trailing)22.8x
52-week closing range$12 – $44
Dividend yieldNo dividend

The Trade Desk, Inc. operates a cloud-based demand-side platform (DSP) that enables ad buyers to plan, buy, and measure programmatic digital advertising across channels (e.g., Connected TV (CTV), online video, display, audio, and mobile).

More about The Trade Desk

The company primarily monetizes via a percentage of advertising spend executed on its platform (often described as a take-rate on media spend), with additional revenue from platform capabilities and data/measurement-related services.

Market Position

The Trade Desk is widely viewed as the largest independent DSP focused on the open internet, competing against “walled garden” ad platforms and other independent adtech intermediaries. Key differentiators commonly cited include its unified platform workflow and optimization (including Kokai), identity solutions (e.g., Unified ID 2.0 (UID2)), and supply-chain initiatives (e.g., OpenPath) that aim to improve transparency and performance.

Key Segments

The company operates as one reportable segment, with revenue largely driven by programmatic media buying activity across multiple digital channels (with CTV a major growth area in industry adoption).

How has the stock done?

Over the past year TTD fell 64.7%; the communication services ETF (XLC) fell 5.3% and the S&P 500 rose 10.8%.

TTD −64.7%Communication services ETF (XLC) −5.3%Earnings released
How much it movesRisk
Biggest fall
−91%

From Dec 4, 2024 to Oct 6, 2026, the deepest drop from a high since Nov 2021

Volatility, past year
59%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year
1.00

When the S&P 500 moves 1%, the stock has moved about 1.0% the same way

Show the earnings releases
ReleasedQuarterRevenueEPS vs estimateStock, day after5 days after
Nov 9, 2026ended Sep 2026$736M (0% vs a year earlier)$0.33 vs $0.25 (beat)+19.3%—
Aug 6, 2026ended Jun 2026$715M (+3% vs a year earlier)$0.34 vs $0.40 (missed)−27.2%−23.2%
May 7, 2026ended Mar 2026$689M (+12% vs a year earlier)$0.28 vs $0.32 (missed)−3.9%−15.0%
Feb 25, 2026ended Dec 2025$847M (+14% vs a year earlier)$0.59 vs $0.58 (beat)−4.0%+0.9%
Nov 6, 2025ended Sep 2025$739M (+18% vs a year earlier)—−9.9%−10.1%
Aug 7, 2025ended Jun 2025$694M (+19% vs a year earlier)—−39.5%−43.3%
May 8, 2025ended Mar 2025$616M (+25% vs a year earlier)—+25.8%+37.3%
Feb 12, 2025ended Dec 2024$741M (+22% vs a year earlier)—−31.9%−37.0%
Nov 7, 2024ended Sep 2024$628M (+27% vs a year earlier)—+0.3%+0.9%
Aug 8, 2024ended Jun 2024$585M (+26% vs a year earlier)—+16.9%+18.4%
May 8, 2024ended Mar 2024$491M (+28% vs a year earlier)—−1.1%+0.7%
Feb 15, 2024ended Dec 2023$606M (+23% vs a year earlier)—+19.7%+9.6%
Nov 9, 2023ended Sep 2023$493M (+25% vs a year earlier)—−18.8%−15.9%
Aug 9, 2023ended Jun 2023$464M (+23% vs a year earlier)—−9.6%−14.7%
May 10, 2023ended Mar 2023$383M (+21% vs a year earlier)—+0.6%+3.2%
Feb 15, 2023ended Dec 2022$491M (+24% vs a year earlier)—+26.3%+12.7%
Nov 9, 2022ended Sep 2022$395M (+31% vs a year earlier)—+9.5%+18.6%
Aug 9, 2022ended Jun 2022$377M (+35% vs a year earlier)—+35.1%+34.1%
May 10, 2022ended Mar 2022$315M (+43% vs a year earlier)—−3.7%+18.6%
Feb 16, 2022ended Dec 2021$396M (+24% vs a year earlier)—−1.4%+2.9%

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Revenue was $736M in the quarter ended Sep 2026, about the same as a year earlier.

Revenue by quarter
Change from the same quarter a year earlier
Show the data
Quarter endedRevenuevs a year earlier
Dec 2022$491M+24%
Mar 2023$383M+21%
Jun 2023$464M+23%
Sep 2023$493M+25%
Dec 2023$606M+23%
Mar 2024$491M+28%
Jun 2024$585M+26%
Sep 2024$628M+27%
Dec 2024$741M+22%
Mar 2025$616M+25%
Jun 2025$694M+19%
Sep 2025$739M+18%
Dec 2025$847M+14%
Mar 2026$689M+12%
Jun 2026$715M+3%
Sep 2026$736M0%
Revenue by regionFiscal years, from The Trade Desk's 10-K

In the fiscal year to Dec 2025, United States was 86% and Outside the United States was 14% of revenue.

United StatesOutside the United States
Show the data
Fiscal yearPartRevenueShare
FY2023United States$1.7B87%
FY2023Outside the United States$249M13%
FY2024United States$2.1B87%
FY2024Outside the United States$311M13%
FY2025United States$2.5B86%
FY2025Outside the United States$420M14%
Earnings per shareDiluted, GAAP
EPS, quarter ended Sep 2026
$0.08−65% on a year earlier

A year earlier $0.23

EPS, last four quarters
$0.68−22% on the four before

Diluted, from SEC filings

Quarters: The Trade Desk, Inc.'s SEC filings, named by the month they end. Fiscal years: The Trade Desk, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $15.3 ends up as net income. Net margin rose from 3.4% to 15.3% over the past 3 years.

Where each $1 of revenue goesFiscal year ended 2025-12-31
RevenueGross profitOperating incomeNet income
Revenue
Total sales
$2.9B100%
Gross profit
Revenue minus direct costs
$2.3B78.6% of revenue
Cost of revenue
Direct cost of making or buying goods
$620M21.4% of revenue
Operating income
Profit from the core business
$590M20.3% of revenue
Operating expenses
R&D, marketing and admin
$1.7B58.3% of revenue
Net income
What is left for shareholders after tax
$440M15.3% of revenue
Taxes & other
Income tax and non-operating items
$150M5.0% of revenue
Margins by quarter
Gross 72.8%Operating 12.6%Net 5.2%
Show the data
Quarter endedGrossOperatingNet
Dec 202283.8%20.4%14.5%
Mar 202377.8%−6.1%2.4%
Jun 202381.3%9.0%7.1%
Sep 202381.1%7.6%8.0%
Dec 202383.4%23.8%16.1%
Mar 202478.9%5.8%6.4%
Jun 202481.1%16.2%14.5%
Sep 202480.5%17.3%15.0%
Dec 202481.7%26.4%24.6%
Mar 202576.8%8.8%8.2%
Jun 202578.2%16.8%13.0%
Sep 202578.1%21.8%15.6%
Dec 202580.7%30.3%22.1%
Mar 202673.6%9.7%5.8%
Jun 202674.2%14.2%9.0%
Sep 202672.8%12.6%5.2%

Circled: Mar 2023 (net 2.4%, operating −6.1%). Net margin is usually about 3 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Gross margin, fiscal year
78.6%

−3.6 pts over 3 years

Operating margin, fiscal year
20.3%

+13.1 pts over 3 years

Net margin, fiscal year
15.3%

+11.9 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: The Trade Desk, Inc.'s annual reports to the SEC; quarters: SEC filings.

How much does it spend on building?

The Trade Desk spent $253M on property and equipment in the four quarters to Sep 2026, 8.5% of its revenue, against 6.8% a year earlier. That is 23% of the cash its operations brought in.

Capital spending, last four quarters
$253M

Up 32.6% on the four quarters before

Share of revenue, last four quarters
8.5%

6.8% a year earlier

Share of cash from operations
23%

$1.1B over the same four quarters

Capital spending as a share of revenue over five years
The Trade Desk 8.5%
Capital spendingBy quarter
Show the data
Quarter endedCapital spendingRevenueCash from operationsShare of revenue, four quarters
Dec 2023$25M$606M$91M2.4%
Mar 2024$7.2M$491M$185M2.2%
Jun 2024$22M$585M$81M2.7%
Sep 2024$49M$628M$273M4.5%
Dec 2024$20M$741M$199M4.0%
Mar 2025$59M$616M$291M5.8%
Jun 2025$45M$694M$165M6.5%
Sep 2025$66M$739M$225M6.8%
Dec 2025$26M$847M$312M6.8%
Mar 2026$113M$689M$392M8.4%
Jun 2026$13M$715M$154M7.3%
Sep 2026$101M$736M$258M8.5%

From The Trade Desk, Inc.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.

How much goes into research?

The Trade Desk spent $561M on research and development in the four quarters to Sep 2026, 18.8% of its revenue, against 18.7% a year earlier. Over the year its research spending rose 7.4% and its revenue rose 7.0%.

Research and development, last four quarters
$561M

Up 7.4% on the four quarters before

Share of revenue, last four quarters
18.8%

18.7% a year earlier

Research as a share of revenue over five years
The Trade Desk 18.8%
Research and developmentBy quarter
Show the data
Quarter endedResearch and developmentRevenueShare of revenue, four quarters
Dec 2023$102M$606M21.2%
Mar 2024$108M$491M20.7%
Jun 2024$110M$585M20.1%
Sep 2024$118M$628M18.9%
Dec 2024$128M$741M19.0%
Mar 2025$132M$616M19.0%
Jun 2025$134M$694M19.1%
Sep 2025$128M$739M18.7%
Dec 2025$131M$847M18.1%
Mar 2026$143M$689M18.0%
Jun 2026$141M$715M18.1%
Sep 2026$147M$736M18.8%

From The Trade Desk, Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report The Trade Desk buys from Alphabet.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others
Largest customersShare of revenue by year, as each filing labels them

The Trade Desk's 10-K for the year to Dec 2025 gives the share of revenue of a group of customers, not of any one: Two Holding Companies (30%).

Two Holding Companies (group) 30%
Show the filings' numbers
PeriodCustomerShare of revenueFiling
Year ended Dec 2023One Holding Company12%10-K filed Feb 27, 2026
Year ended Dec 2024One Holding Company14%10-K filed Feb 27, 2026
Year ended Dec 2025Two Holding Companies (group)30%10-K filed Feb 27, 2026

From The Trade Desk, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Show the filing's words
CompanyRoleIn the filing's words
Alphabetsupplier“For example, Google is one of our largest advertising inventory suppliers in addition to being one of our competitors.”

Only the companies The Trade Desk names in its 10-K filed Feb 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 22.8x, below the peer median of 81.3x, with earnings still growing.

22.8×P/E (trailing)

Priced 72% below the peer median of 81.3x.

Vs. peersP/E, trailing (x)
TTDPeersPeer median 81.3x
Show the data
CompanyP/E (trailing)
STGW · Stagwell Inc.372×
OMC · Omnicom Group Inc.87.7×
LFTO · Liftoff Mobile, Inc.74.8×
MGNI · Magnite, Inc.24.4×
TTD · The Trade Desk, Inc.22.8×
Against its own past five yearsTrailing P/E

At 22.8× trailing earnings TTD is below most of its five-year range; the five-year median is 205×.

Trailing P/EMiddle half of five years 62.9×–244×Median 205×
Show the data
DateTrailing P/E
Nov 8, 2021156×
Feb 8, 2022264×
May 10, 2022208×
Aug 10, 20221061×
Feb 8, 2023470×
May 10, 2023406×
Aug 10, 2023286×
Nov 8, 2023246×
Feb 9, 2024193×
May 10, 2024213×
Aug 12, 2024190×
Nov 8, 2024202×
Feb 12, 2025157×
May 14, 202596.5×
Aug 14, 202561.2×
Nov 12, 202550.3×
Feb 13, 202629.0×
May 15, 202624.3×
Aug 17, 202616.1×
Nov 12, 202622.8×

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $13.57, 12% below the current price; 14% of 36 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

12-month price targetsCurrent price $15.47
12 mo agoTodayIn 12 mo
High target
$20.00+29%
Average target
$13.57−12%
Low target
$9.00−42%
Ratings36 analysts
Strong Buy 1Buy 4Hold 23Sell 5Strong Sell 3

Buy or Strong Buy: 5 analysts (14%). Sell or Strong Sell: 8.

Targets and ratings over the past year78 changes by 31 firms

Over the past year the average of the analysts' latest price targets went from $71.44 to $14.31 (−80%), while TTD went from $42.87 to $15.47 (−64%). In the past three months targets were raised 3 times and cut once. 2 upgrades and 18 downgrades over the year; the latest: DA Davidson moved it to Neutral from Buy on Aug 10, 2026.

Average target $14.31TTDMiddle half of targetsUpgradeDowngrade
Targets raised, by monthTargets cut
Show every change
DateFirmChangeRatingTarget
Nov 10, 2026NeedhamTarget keptBuy$19.00
Nov 10, 2026SusquehannaTarget raisedNeutral$17.00, was $14.00
Nov 10, 2026RosenblattTarget raisedNeutral$15.00, was $12.00
Oct 14, 2026UBSTarget cutBuy$15.00, was $16.00
Sep 18, 2026GuggenheimTarget raisedNeutral$13.00, was $12.00
Sep 9, 2026RBC CapitalTarget keptSector Perform$15.00
Aug 10, 2026DA DavidsonDowngradeNeutral, was Buy$16.00, was $29.00
Aug 10, 2026HSBCDowngradeReduce, was Hold$10.00
Aug 8, 2026ScotiabankTarget cutSector Perform$12.00, was $20.00
Aug 7, 2026UBSTarget cutBuy$16.00, was $28.00
Aug 7, 2026CitigroupDowngradeSell, was Neutral$11.00, was $21.00
Aug 7, 2026BenchmarkTarget cutBuy$20.00, was $30.00
Aug 7, 2026GuggenheimDowngradeNeutral, was Buy$12.00, was $25.00
Aug 7, 2026Wells FargoTarget cutEqual-Weight$12.00, was $20.00
Aug 7, 2026NeedhamTarget cutBuy$19.00, was $25.00
Aug 7, 2026SusquehannaDowngradeNeutral, was Positive$14.00, was $34.00
Aug 7, 2026Evercore ISI GroupDowngradeIn-Line, was Outperform$13.00, was $27.00
Aug 7, 2026Truist SecuritiesDowngradeHold, was Buy$16.00, was $35.00
Aug 7, 2026Raymond JamesDowngradeUnderperform, was Market Perform—
Aug 7, 2026Cantor FitzgeraldTarget cutNeutral$14.00, was $20.00
Aug 7, 2026RosenblattTarget cutNeutral$12.00, was $24.00
Jul 13, 2026UBSTarget cutBuy$28.00, was $31.00
Jul 8, 2026HSBCUpgradeHold, was Reduce$20.00
May 28, 2026Rothschild & CoBegan coverageSell$11.00
May 11, 2026DA DavidsonTarget cutBuy$29.00, was $32.00
May 11, 2026HSBCDowngradeReduce, was Hold$20.00
May 8, 2026BenchmarkTarget cutBuy$30.00, was $40.00
May 8, 2026William BlairDowngradeMarket Perform, was Outperform—
May 8, 2026RBC CapitalTarget cutOutperform$33.00, was $35.00
May 8, 2026Truist SecuritiesTarget cutBuy$35.00, was $50.00
May 8, 2026Wells FargoTarget cutEqual-Weight$20.00, was $24.00
May 8, 2026WedbushTarget cutNeutral$21.00, was $23.00
May 8, 2026Evercore ISI GroupTarget cutOutperform$27.00, was $32.00
May 8, 2026GuggenheimTarget cutBuy$25.00, was $28.00
May 8, 2026KeybancDowngradeSector Weight, was Overweight—
May 8, 2026RosenblattTarget cutNeutral$24.00, was $25.00
May 8, 2026NeedhamTarget cutBuy$25.00, was $32.00
May 8, 2026OppenheimerDowngradePerform, was Outperform—
May 4, 2026WedbushUpgradeNeutral, was Underperform$23.00
Apr 21, 2026UBSTarget cutBuy$31.00, was $44.00
Apr 6, 2026Wells FargoTarget cutEqual-Weight$24.00, was $25.00
Mar 19, 2026Evercore ISI GroupTarget cutOutperform$32.00, was $35.00
Mar 18, 2026RosenblattDowngradeNeutral, was Buy$25.00, was $36.00
Mar 18, 2026StifelDowngradeHold, was Buy$26.00, was $48.00
Mar 6, 2026WedbushDowngradeUnderperform, was Neutral$23.00
Mar 2, 2026Piper SandlerTarget cutNeutral$28.00, was $50.00
Mar 2, 2026KeybancTarget cutOverweight$35.00, was $40.00
Feb 26, 2026DA DavidsonTarget cutBuy$32.00, was $54.00
Feb 26, 2026UBSTarget cutBuy$44.00, was $50.00
Feb 26, 2026ScotiabankTarget cutSector Perform$32.00, was $60.00
Feb 26, 2026Morgan StanleyTarget cutEqual-Weight$30.00, was $42.00
Feb 26, 2026BMO CapitalTarget cutOutperform$55.00, was $98.00
Feb 26, 2026OppenheimerTarget cutOutperform$35.00, was $70.00
Feb 26, 2026Wells FargoTarget cutEqual-Weight$25.00, was $42.00
Feb 26, 2026RBC CapitalTarget cutOutperform$40.00, was $65.00
Feb 26, 2026StifelTarget cutBuy$48.00, was $74.00
Feb 26, 2026Truist SecuritiesTarget cutBuy$50.00, was $60.00
Feb 26, 2026RosenblattTarget cutBuy$36.00, was $53.00
Feb 26, 2026NeedhamTarget cutBuy$32.00, was $60.00
Feb 26, 2026Loop CapitalDowngradeHold, was Buy$25.00, was $75.00
Feb 24, 2026WedbushTarget cutNeutral$23.00, was $40.00
Feb 23, 2026BenchmarkTarget cutBuy$40.00, was $65.00
Feb 3, 2026KeybancTarget cutOverweight$40.00, was $88.00
Jan 27, 2026CFRADowngradeHold, was Buy$40.00
Jan 27, 2026CitigroupTarget cutNeutral$38.00, was $50.00
Jan 27, 2026Truist SecuritiesTarget cutBuy$60.00, was $85.00
Jan 27, 2026RosenblattTarget cutBuy$53.00, was $64.00
Jan 23, 2026StifelTarget cutBuy$74.00, was $90.00
Jan 23, 2026CitizensDowngradeMarket Perform, was Market Outperform—
Jan 20, 2026UBSTarget cutBuy$50.00, was $82.00
Jan 20, 2026B of A SecuritiesTarget cutUnderperform$40.00, was $49.00
Jan 13, 2026Morgan StanleyTarget cutEqual-Weight$42.00, was $50.00
Jan 12, 2026Wells FargoTarget cutEqual-Weight$42.00, was $47.00
Jan 8, 2026Cantor FitzgeraldTarget cutNeutral$43.00, was $52.00
Jan 6, 2026Wolfe ResearchTarget cutOutperform$45.00, was $60.00
Jan 5, 2026GuggenheimTarget cutBuy$50.00, was $55.00
Dec 11, 2025JefferiesTarget cutHold$40.00, was $50.00
Dec 8, 2025WedbushTarget cutNeutral$40.00, was $50.00
Earnings against estimatesLast 4 quarters, per share
Average estimateReported, beatReported, missed
Show the data
QuarterEstimateReportedSurprise
Dec ’25$0.58$0.59+1.7%
Mar ’26$0.32$0.28−12.5%
Jun ’26$0.40$0.34−15.0%
Sep ’26$0.25$0.33+32.0%

The day after each of these reports the stock moved −4.0% (Dec 2025, beat); −3.9% (Mar 2026, missed); −27.2% (Jun 2026, missed); +19.3% (Sep 2026, beat).

Expected nextConsensus of Nov 10, 2026

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.29 a share, 51% less than the $0.59 of a year earlier, and revenue of $752M, down 11% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $2.6B, down 8% on the year before's estimate.

EPS, quarter ending Dec 2026
$0.29−51% on a year earlier

Adjusted. Dec 2025: $0.59; range $0.21 to $0.41; 17 analysts

Revenue, quarter ending Dec 2026
$752M−11% on a year earlier

Dec 2025: $847M; range $716M to $760M; 9 analysts

Revenue, year ending Dec 2027
$2.6B−8% on the year before's estimate

The year to Dec 2026: $2.9B expected; range $2.4B to $3.1B; 36 analysts

Show the data
PeriodFigureExpectedLow to highAnalystsA year earlierChange
Quarter ending Dec 2026EPS (adjusted)$0.29$0.21 to $0.4117$0.59 (Dec 2025)−51%
Quarter ending Dec 2026Revenue$752M$716M to $760M9$847M (Dec 2025)−11%
Quarter ending Mar 2027EPS (adjusted)$0.15−$0.02 to $0.3010$0.28 (Mar 2026)−46%
Quarter ending Mar 2027Revenue$573M$524M to $723M16$689M (Mar 2026)−17%
Year ending Dec 2026Revenue$2.9B$2.8B to $2.9B10$2.9B (year to Dec 2025)−1%
Year ending Dec 2027Revenue$2.6B$2.4B to $3.1B36$2.9B (expected, year to Dec 2026)−8%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $860M in free cash flow over the year, of which $660M went back to shareholders (dividends plus buybacks), leaving $200M in the company.

Where a year of cash went4 quarters to Sep 2026
Show the data
LineAmount
Op. cash flow$1.1B
Capex−$260M
Free cash flow$860M
Dividends—
Buybacks−$660M
Cash retained$200M
Free cash flow yield
11.8%

For every $100 of market cap, the company generates about $11.8 in free cash flow a year.

Dividend yield
No dividend

No dividend today; cash goes to growth and share buybacks.

Shareholder yield
9.1%

Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $9.1 went back to shareholders.

By quarter: free cash flow and what went back to shareholdersLast 12 quarters
Free cash flowDividendsBuybacks
Show the data
Quarter endedFree cash flowDividendsBuybacks
Dec 2023$66M—$220M
Mar 2024$178M—$125M
Jun 2024$59M—$0
Sep 2024$225M—$52M
Dec 2024$179M—$57M
Mar 2025$232M—$386M
Jun 2025$120M—$261M
Sep 2025$158M—$310M
Dec 2025$285M—$423M
Mar 2026$279M—$164M
Jun 2026$140M—$78M
Sep 2026$157M—$0
Diluted sharesDown 4.6% in a year

The Trade Desk had 470M diluted shares in the quarter ended Sep 2026, 4.6% fewer than a year earlier, and 1.0% fewer each year on average since Jun 2021. It spent $664M on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 21.8% and its net income fell 24.9%: fewer shares added about 3 points.

Show the data
Quarter endedDiluted shares
Jun 2021497M
Sep 2021499M
Mar 2022484M
Jun 2022486M
Sep 2022500M
Mar 2023500M
Jun 2023499M
Sep 2023502M
Mar 2024498M
Jun 2024500M
Sep 2024503M
Mar 2025503M
Jun 2025496M
Sep 2025493M
Mar 2026477M
Jun 2026470M
Sep 2026470M

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.6, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Current ratio
1.6Strong liquidity

Assets that can be turned into cash soon are 1.6x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity
0.0Very low debt

For every $1 of shareholder funds, there is $0.0 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.

Net cash
$1.3BMore cash than debt

Cash and short-term investments of $1.3B and no debt. Lease obligations of $436M are not counted: they are rent owed, not money borrowed.

AssetsTotal ~$6.2B
Cash
$660M10.7%
Investments
$640M10.5%
Receivables
$3.8B61.3%
Property & equipment
$740M12.0%
Intangibles
$20M0.3%
Other
$320M5.2%
Liabilities & equityTotal ~$6.2B
Current
$3.3B53.1%
Long-term
$400M6.5%
Equity
$2.5B40.4%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 5 funds whose copy leaves TTD out (on the exchange, not in the app yet): Coatue Management, Canada Pension Plan Investment Board, Rob Bresnahan, Swiss National Bank, Norges Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 8 held TTD at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 4 cut, 1 sold all and 1 held the same. The largest of them is Renaissance Technologies, 7.76M shares worth $94.5M at Sep 30, 2026, 10.5% more than a quarter earlier.

Funds that added shares
3

Over their latest quarter

Funds that cut
5

1 of them sold all

Each fund's change in sharesChange in shares over the latest quarter
Added or newCut or sold all
Show every fund
FundQuarterSharesValueChange in sharesChangeFiled
Renaissance TechnologiesQ3 20267.76M$94.5M+740,200+11%Nov 12, 2026
Norges BankQ2 2026 vs Q4 20252.59M$46.8M−2.61M−50%Aug 12, 2026
Canada Pension Plan Investment BoardQ2 20261.51M$27.3M−455,637−23%Aug 14, 2026
Coatue ManagementQ2 20261.39M$25.1M00.0%Aug 14, 2026
Swiss National BankQ3 2026841,811$10.2M+5,600+0.7%Nov 12, 2026
Tudor Investment Corp Et AlQ2 2026311,152$5.6M−544,214−64%Aug 14, 2026
Korea InvestmentQ2 20260—−205,304Sold allAug 12, 2026
Nomura HoldingsQ2 2026162,457$2.9M+8,913+5.8%Aug 14, 2026
Mirae Asset Global InvestmentsQ3 20267,731$94K−91,567−92%Nov 3, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of TTD at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $148M and sold $5.8M of TTD on the open market in the 12 months to Nov 12, 2026. The largest was Jeffrey Terry Green (President and CEO; director), who bought $148M in 4 purchases.

Sold
$5.8M

3 sales

Bought
$148M

4 purchases

Under 10b5-1 plans
0%

Share of the sales' value

Trades on the priceA dot a day, sized by value
TTDSalePurchase
Who tradedOpen-market trades, last 12 months
Jeffrey Terry Green
President and CEO; director
+$148M4 trades
Kathryn E Falberg
Director
−$4.7M2 trades
Samantha Jacobson
Director
−$1.1M1 trade
Show every trade
DateInsiderRoleTradeSharesPriceValueFiled
May 28, 2026Samantha JacobsonDirectorSale53,681$21.14$1.1MJun 1, 2026
Mar 5, 2026Kathryn E FalbergDirectorSale102,828$30.45$3.1MMar 9, 2026
Mar 5, 2026Kathryn E FalbergDirectorSale50,000$30.48$1.5MMar 9, 2026
Mar 4, 2026Jeffrey Terry GreenPresident and CEO; directorBuy2.31M$25.08$58.0MMar 4, 2026
Mar 3, 2026Jeffrey Terry GreenPresident and CEO; directorBuy1.69M$24.97$42.1MMar 4, 2026
Mar 2, 2026Jeffrey Terry GreenPresident and CEO; directorBuy527,324$23.49$12.4MMar 4, 2026
Mar 2, 2026Jeffrey Terry GreenPresident and CEO; directorBuy1.47M$24.16$35.6MMar 4, 2026

From the Form 4s filed with the SEC about The Trade Desk, Inc. (46 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 94 other transactions (grants, shares withheld for tax, gifts and other transfers).